DEPP 7.2 Interviews

Appointment of investigator and
confidentiality of information

Under section 169(1)(b) of the Act,
the FSA may
appoint an investigator to investigate any matter at the request of an overseas regulator. The powers of the investigator appointed by the FSA (referred to here as the 'FSA's investigator') include the power to require persons to
attend at a specified time and place and answer questions (the compulsory
interview power).

Where the FSA appoints an investigator in response to a request from an overseas regulator it may, under section 169(7) of the Act,
direct him to permit a representative of that regulator to attend and take
part in any interviews conducted for the purposes of the investigation. The FSA may
only give a direction under section 169(7) if it is satisfied that any information
obtained by an overseas regulator as a result of the interview will
be subject to the safeguards equivalent to those contained in Part XXIII (Public
Record, Disclosure of Information and Cooperation) of the Act.

Before making a direction under
section 169(7) the FSA will discuss and determine with the overseas
regulator how this statement of policy will
apply to the conduct of the interview, taking into account all the circumstances
of the case. Amongst other matters, the FSA will at this stage determine the extent to which the representative
of the overseas regulator will be able to participate in
the interview. The overseas regulator will be notified of this determination
on the issuing of the direction.

The direction will contain the
identity of the representative of the overseas
regulator that is permitted to attend any
interview and the role that he will play in the interview. If the FSA envisages that there will be more than one interview in the course
of the investigation, the direction may also specify which interview(s) the overseas representative is allowed to attend.

Conduct of interview

In circumstances where an interview
is to be conducted as part of the investigation, the FSA's investigator will have conduct of the interview. In general,
the FSA's investigators
will be employees of the FSA, but in appropriate cases the FSA may appoint persons who
are not its employees. In those cases, the FSA may choose to require that an FSA employee is present at the interview and may choose to appoint
that person as an investigator.

The FSA's investigator will act on behalf of the FSA and under its control. He may be instructed to permit the representative
of the overseas regulator to assist in the preparation of
the interview. Where the FSA considers it appropriate, it may permit the representative to
attend and ask questions of the interviewee in the course of the interview.
The interview will be conducted according to the terms of the direction and
the notification referred to in DEPP 7.2.6 G.

If the direction does permit the
representative of an overseas regulator to attend the interview and ask
the interviewee questions, the FSA's investigator will retain control of the interview throughout.
Control of the interview means the following will apply:

(1)

The FSA's investigator instigates and concludes the interview, introduces
everyone present and explains the procedure of the interview. He warns the
interviewee of the possible consequences of refusing to answer questions and
the uses to which any answers that are given can and cannot be put. The FSA's investigator
will always ask preliminary questions, such as those establishing the identity
of the interviewee.

(2)

The FSA's investigator determines the duration of the interview and when,
if at all, there should be any breaks in the course of it.

(3)

The FSA's investigator has responsibility for making a record of the interview.
The record should note the times and duration of any breaks in the interview
and any periods when the representative of the overseas
regulator was either present or not present.

(4)

Where the FSA's investigator considers it appropriate, he may either suspend
the interview, ask the overseas representative to leave the interview, or
terminate the interview and reschedule it for another occasion. In making
that decision he will bear in mind the terms of the direction, any agreement
made with the overseas regulator as to the conduct of the interview
and the contents of this statement of policy.

The FSA will in general provide written notice of the appointment of
an investigator to the person under
investigation pursuant to the request of an overseas
regulator. Whether or not the interviewee
is the person under investigation,
the FSA's investigator
will inform the interviewee of the provisions under which he has been appointed,
the identity of the requesting authority and general nature of the matter
under investigation. The interviewee will also normally be informed if a representative
of the overseas regulator is to attend and take part in
the interview. Notification of any of these matters may not be provided in
advance of the interview if the FSA believes that the circumstances are such that notification would
be likely to result in the investigation being frustrated.

The interviewee will normally be
given a copy of the direction issued under section 169(7) in advance of the interview unless
to do so would be likely to result in the investigation being frustrated.
The interviewee will also be provided with a copy of this statement of policy.

When the FSA's investigator has exercised the compulsory interview power, at
the outset of the interview the interviewee will be given an appropriate warning.
The warning, amongst other things, must state that the interviewee is obliged
to answer all questions put to them during the interview, including any put
by the representative of the overseas regulator. It will also state that in criminal
proceedings or proceedings for market abuse the FSA will
not use as evidence against the interviewee any information obtained under
compulsion during the interview.

The FSA's investigator may decide which documents or other information
may be put to the interviewee, and whether it is appropriate to give the interviewee
sight of the documents before
the interview takes place. Where the overseas
regulator wishes to ask questions about documents during the interview and the FSA's investigator
wishes to inspect those documents before
the interview, he will be given the opportunity to do so. If the FSA's investigator wishes to inspect them and has not been able to
do so before the interview, he may suspend the interview until he has had
an opportunity to inspect them.

When the FSA's investigator has exercised the compulsory interview power, the FSA's investigator
will require the person attending
the interview to answer questions. Where appropriate, questions may also be
posed by the representative of the overseas
regulator. The interviewee will also be
required to answer these questions. The FSA's investigator may intervene at any stage during questioning by
the representative of the overseas regulator.

Language

Interviews will, in general, be
conducted in English. Where the interviewee's first language is not English,
at the request of the interviewee arrangements will be made for the questions
to be translated into the interviewee's first language and for his answers
to be translated back into English. If a translator is employed at the request
of the representative of the overseas regulator then the translation costs will
normally be met by the overseas regulator. Where interviews are being conducted
in pursuance of a
Community obligation these costs will be met by the FSA. In any event, the meeting of costs in relation to translators
and, where applicable, the translation of documents will
always be agreed in advance with the overseas
regulator.

Tape-recording

All compulsory interviews will
be tape-recorded. The method of recording will be decided on and arranged
by the FSA's investigator.
Costs will be addressed similarly to that set out in the preceding paragraph.
The FSA will
not provide the overseas regulator with transcripts of the tapes
of interviews unless specifically agreed to, but copies of the tapes will
normally be provided where requested. The interviewee will be provided with
a copy of tapes of the interview but will only be provided with transcripts
of the tapes or translations of any transcripts if he agrees to meet the cost
of producing them.

Representation

The interviewee may be accompanied
at the interview by a legal adviser or a non-legally qualified observer of
his choice. The costs of any representation will not be met by the FSA. The
presence at the interview of a representative of the overseas
regulator may mean that the interviewee
wishes to be represented or accompanied by a person either
from or familiar with that regulator's jurisdiction. As far as practical the
arrangements for the interview should accommodate this wish. However, the FSA reserves
the right to proceed with the interview if it is not possible to find such
a person within a reasonable
time or no such person is able
to attend at a suitable venue.